IMF expresses support for Nigeria’s tight monetary policy stance

The International Monetary Fund (IMF) has endorsed the Central Bank of Nigeria’s restrictive monetary policy, saying it is appropriate for the Nigerian economy at this time.

The fund stated this in their Article IV on Nigeria released on Wednesday.

“With inflation still above the central bank target, Directors generally considered that a tight monetary policy stance is appropriate,” they stated.

They urged the central bank to enhance transparency and communication and to improve the monetary policy framework, including using more of traditional methods.

They, however, advised the central bank to end its direct intervention in the economy and focus on its price stability mandate.